SHANGHAI, Aug. 22, 2018 /PRNewswire/ -- PPDAI Group Inc. ("PPDAI," "Paipaidai," or the "Company") (NYSE: PPDF), a leading online consumer finance marketplace in China, today announced its unaudited financial results for the second quarter ended June 30, 2018.
|
As of | |||||||||||
|
June 30, 2017 |
March 31, 2018 |
June 30, 2018 | |||||||||
|
Cumulative registered users[1] ('000) |
48,300 |
71,424 |
78,144 | ||||||||
|
Cumulative number of borrowers[2] ('000) |
6,919 |
11,282 |
12,409 | ||||||||
|
Cumulative number of individual investors[3] |
461,651 |
581,977 |
613,653 | ||||||||
|
For the Three Months Ended |
YoY Change | ||||||||||
|
June 30, 2017 |
June 30, 2018 | ||||||||||
|
Number of unique borrowers[4] |
3,823 |
3,252 |
-14.9% | ||||||||
|
Loan origination volume[5] (RMB, million) |
16,504 |
16,761 |
1.6 % | ||||||||
|
Repeat borrowing rate[6] (%) |
68.3% |
73.3% |
7.3% | ||||||||
|
Average loan size[7] (RMB) |
2,284 |
3,212 |
40.6% | ||||||||
Second Quarter 2018 Financial Highlights
- Operating revenues slightly decreased to RMB1,047.3 million (US$158.3 million) in the second quarter of 2018 from RMB1,064.9 million in the same period of 2017.
- Loan facilitation service fees decreased by 7.1% to RMB753.3 million (US$113.8 million) in the second quarter of 2018 from RMB810.8 million in the same period of 2017.
- Post-facilitation service fees increased by 31.8% to RMB205.9 million (US$31.1 million) in the second quarter of 2018 from RMB156.2 million in the same period of 2017.
- Strong liquidity position of RMB3,925.6 million (US$593.3 million) including cash, cash equivalents and short-term investment.
- High quality assurance fund coverage ratio of 17.8% for outstanding loan balances that are protected by the fund.
- Improved delinquency trends quarter over quarter.
Second Quarter 2018 Operational Highlights
- Cumulative registered users1 reached 78.1 million as of June 30, 2018.
- Cumulative number of borrowers2 reached 12.4 million as of June 30, 2018.
- Cumulative number of individual investors3 reached 613,653 as of June 30, 2018.
- Number of unique borrowers4 was 3.2 million for the second quarter of 2018, representing a decrease of 14.9% from the same period of 2017.
- Loan origination volume5 was approximately RMB16.8 billion for the second quarter of 2018, representing an increase of 1.6% from the same period of 2017.
- Average loan tenure[8] was 9.4 months for the second quarter of 2018.
- Among the first 15 online lenders and consumer finance companies to connect with Baihang Credit, China's first unified credit-reporting platform comprising the online lending sector and backed by China's central bank.
- Continued progress in providing our range of "technologies as a service" to other third party financial service providers.
|
[1] On a cumulative basis, number of users registered on PPDAI platform as of June 30, 2018. |
|
[2] On a cumulative basis, number of borrowers whose loans were funded on or prior to June 30, 2018. |
|
[3] On a cumulative basis, number of individual investors who have made at least one investment in loans on or prior to June 30, 2018. |
|
[4] Represents the total number of borrowers whose loans on PPDAI platform were funded during the period presented. |
|
[5] Represents the loan origination volume generated during the period presented. |
|
[6] Represents percentage of loan volume generated by repeat borrowers who have successfully borrowed on PPDAI platform before. |
|
[7] Represents the average loan size on PPDAI platform during the period presented. |
|
[8] Represents the average loan tenure period on PPDAI platform during the period presented. |
Mr. Jun Zhang, the Chairman and the Chief Executive Officer of PPDAI, commented, "We are pleased to have achieved further growth in loan origination volume quarter over quarter despite the recent market headwinds faced by the Company. The resilence of our core business has been demonstrated by our continued profitability and a further improvement in our delinquency rate in the quarter."
Mr. Zhang continued, "As we strive to invest in new engines of growth, we made positive progress in engaging a wide range of financial service providers with our "technologies as a service" offerings. The external acceptance of our financial technologies reinforces our leading-edge innovation and core capabilities. As a pioneer and industry leader, we are very proud to be among the first to be aligned with Baihang Credit, which further recognizes our industry leadership position. We remain focused on capturing the tremendous long-term growth opportunities in our industry, while maintaining compliance with regulations as they evolve.
"The industry has lately been going through significant change. We believe a strengthened regulatory framework and industry consolidation will benefit the industry's long-term growth and sustainability. As an industry leader with the longest operating history and strong proprietary technologies and core capabilities, we are confident in our ability to meet upcoming P2P registration and well positioned for future growth," concluded Mr. Zhang.
Mr. Simon Ho, the Chief Financial Officer of PPDAI, added, "During the quarter, we continued to improve our operating leverage by increasing efficiencies and maintained non-GAAP operating margin at a healthy level of 46.0%. Regulatory uncertainty and the exit of smaller players has led investors to grow more cautious, which, in additional to delays in the registration process, has caused us to temper our outlook for loan origination volume for 2018. The fundamentals of our business model remain intact as clearly evidenced by our continued profitability and strong balance sheet. Notably, we had approximately RMB3.9 billion of cash and short-term liquidity, and our quality assurance fund remain sufficiently funded and the total balance of the fund is approximately RMB3.6 billion, equivalent to 17.8% of the total outstanding loans protected by the fund. We don't have concerns for liquidity on our plarform due to our unique funding structure and relatively short loan tenor."
Second Quarter 2018 Financial Results
Operating revenues for the second quarter of 2018 slightly decreased to RMB1,047.3 million (US$158.3 million) from RMB1,064.9 million in the same period of 2017, primarily due to lower average transaction fee rate for the quarter. As a result of the adoption of the ASC 606 effective January 1, 2018, revenue is generally recognized earlier in the life of the contract as there is no contingency revenue cap under the new standard. For the three months ended June 30, 2018, the impact of applying the new revenue standard resulted in an increase of approximately RMB160.3 million (US$24.2 million) in revenues.
Loan facilitation service fees decreased by 7.1% to RMB753.3 million (US$113.8 million) for the second quarter of 2018 from RMB810.8 million in the same period of 2017, primarily due to lower average transaction fee rate in the second quarter of 2018.[9] The average rate of transaction fees charged to borrowers was 6.31% in the period, compared to 6.32% in the first quarter of 2018 and 6.83% in the second quarter of 2017. Loan collection fees of RMB72.7 million (US$11.0 million) have been allocated from other revenue to loan facilitation services fees related to the adoption of ACS 606 effective January 1, 2018.
Post-facilitation service fees increased by 31.8% to RMB205.9 million (US$31.1 million) for the second quarter of 2018 from RMB156.2 million in the same period of 2017, due to the rolling impact of deferred transaction fees and the adoption of ASC 606 effective January 1, 2018. Loan collection fees of RMB26.3 million (US$4.0 million) have been allocated from other revenue to post facilitation service fees related to the adoption of ASC 606.
Other revenue decreased by 9.9% to RMB88.2 million (US$13.3 million) for the second quarter of 2018 from RMB97.9 million in the same period of 2017, primarily due to the adoption of ASC 606, effective January 1, 2018, offset by an increase in management fees from investment programs that invest in loans protected by the quality assurance fund.
Net interest income and loan provision losses for the second quarter of 2018 was a gain of RMB12.5 million (US$1.9 million), compared to a gain of RMB1.0 million in the same period of 2017, mainly due to the increased number of trusts established for the purpose of serving institutional investors.
Origination and servicing expenses increased by 13.3% to RMB234.7 million (US$35.5 million) for the second quarter of 2018 from RMB207.0 million in the same period of 2017, primarily due to an increase in fees paid to third-party providers for loan collection and technology services.
Sales and marketing expenses increased by 3.8% to RMB194.3 million (US$29.4 million) for the second quarter of 2018 from RMB187.2 million in the same period of 2017, primarily due to the increase in expenses associated with online customer acquisition and brand enhancement.
General and administrative expenses increased by 38.7% to RMB161.5 million (US$24.4 million) for the second quarter of 2018 from RMB116.5 million in the same period of 2017, primarily due to the increase in research and development cost. General and administrative expenses for the period included share-based compensation of RMB17.8 million (US$2.7 million).
Operating income decreased by 15.5% to RMB469.3 million (US$70.9 million) for the second quarter of 2018 from RMB555.3 million in the same period of 2017.
Non-GAAP adjusted operating income, which excludes share-based compensation expenses before tax, was RMB487.1 million (US$73.6 million) for the second quarter of 2018, representing a decrease of 12.3% from RMB555.3 million in the same period of 2017.
Other income was RMB296.5 million (US$44.8 million) for the second quarter of 2018, compared with RMB193.2 million in the same period of 2017. Other income primarily consisted of a gain of RMB151.1 million (US$22.8 million) from the quality assurance fund resulting from the increase in loans facilitated on the Company's platform that are protected by the quality assurance fund, a gain of RMB196.5 million (US$29.7 million) from fair value change of financial guarantee derivatives due to an improvement in the expected default rate for loans invested by outstanding investment programs protected by the investor reserve funds, offset by a realized loss of RMB101.9 million (US$15.4 million) from financial guarantee derivatives due to the amount of investment programs maturing during the period. The Company re-evaluates the fair value of outstanding financial guarantee derivatives at each balance sheet date to reflect the views of market participants on the expected default rate based on the latest market changes. For the second quarter of 2018, RMB14.3 billion of loans facilitated on the Company's platform were protected by the quality assurance fund.
Income tax expenses were RMB158.0 million (US$23.9 million) for the second quarter of 2018, compared with RMB116.7 million in the same period of 2017 due to the higher effective tax rate adopted for a software subsidiary which was established in the second half of 2017.
Net profit decreased by 3.8% to RMB607.8 million (US$91.8 million) for the second quarter of 2018 from RMB631.8 million in the same period of 2017.
Net profit attributable to ordinary shareholders of the Company was RMB606.6 million (US$91.7 million) for the second quarter of 2018, compared with net loss attributable to ordinary shareholders of RMB122.8 million in the same period of 2017 due to the accretion losses on the Company's Series A, B and C preferred shares in the second quarter of 2017.
As of June 30, 2018, the Company had cash and cash equivalents of RMB2,485.1 million (US$375.6 million) and short-term investments mainly in wealth management products of RMB1,440.5 million (US$217.7 million).
The total balance of the quality assurance fund, which includes restricted cash of RMB1,564.8 million (US$236.5 million) and the quality assurance fund receivable of RMB2,043.4 million (US$308.8 million), was equivalent to 17.8% of the total outstanding loans protected by the quality assurance fund.
|
[9] Beginning in the second quarter 2018, the calculation of average transaction fee rate excludes loans originated on PPDAI's platform where |
The following table provides the delinquency rates for all outstanding loans on the Company's platform as of the respective dates indicated.
|
As of |
15-29 |
30-59 |
60-89 |
90-119 days |
120-149 days |
150-179 days |
|
March 31, 2015 |
0.79% |
1.75% |
1.10% |
1.01% |
0.87% |
0.67% |
|
June 30, 2015 |
0.88% |
1.06% |
0.67% |
0.54% |
0.89% |
0.67% |
|
September 30, 2015 |
0.67% |
0.89% |
0.61% |
0.54% |
0.44% |
0.35% |
|
December 31, 2015 |
0.80% |
0.93% |
0.51% |
0.49% |
0.39% |
0.32% |
|
March 31, 2016 |
0.62% |
0.93% |
0.72% |
0.61% |
0.48% |
0.32% |
|
June 30, 2016 |
0.82% |
1.01% |
0.63% |
0.43% |
0.47% |
0.44% |
|
September 30, 2016 |
0.83% |
1.11% |
0.80% |
0.63% |
0.49% |
0.39% |
|
December 31, 2016 |
0.63% |
0.91% |
0.75% |
0.79% |
0.69% |
0.57% |
|
March 31, 2017 |
0.57% |
0.95% |
0.79% |
0.59% |
0.54% |
0.51% |
|
June 30, 2017 |
0.86% |
1.11% |
0.79% |
0.51% |
0.55% |
0.52% |
|
September 30, 2017 |
0.89% |
1.40% |
1.15% |
1.02% |
0.79% |
0.60% |
|
December 31, 2017 |
2.27% |
2.21% |
1.72% |
1.63% |
1.36% |
1.20% |
|
March 31, 2018 |
0.87% |
2.11% |
2.43% |
3.83% |
2.29% |
1.89% |
|
June 30, 2018 |
0.83% |
1.21% |
1.05% |
0.98% |
1.60% |
2.03% |
The following chart and table display the historical cumulative 30-day plus past due delinquency rates by loan origination vintage for all continuing loan products facilitated through the Company's online marketplace.
Click here to view the chart.
|
Month on Book |
|||||||||||||||||||||||
|
Vintage |
2nd |
3rd |
4th |
5th |
6th |
7th |
8th |
9th |
10th |
11th |
12th | ||||||||||||
|
2015Q1 . . . . |
1.95% |
2.75% |
3.46% |
3.98% |
4.36% |
4.58% |
4.67% |
4.69% |
4.73% |
4.76% |
4.74% | ||||||||||||
|
2015Q2 . . . . |
1.74% |
2.66% |
3.38% |
3.75% |
4.02% |
4.15% |
4.30% |
4.38% |
4.45% |
4.46% |
4.46% | ||||||||||||
|
2015Q3 . . . . |
1.46% |
2.13% |
2.70% |
3.15% |
3.47% |
3.68% |
3.77% |
3.85% |
3.93% |
4.01% |
4.02% | ||||||||||||
|
2015Q4 . . . . |
1.54% |
2.27% |
2.88% |
3.17% |
3.53% |
3.77% |
3.97% |
4.12% |
4.26% |
4.32% |
4.33% | ||||||||||||
|
2016Q1 . . . . |
1.00% |
1.57% |
2.21% |
2.82% |
3.33% |
3.77% |
4.09% |
4.33% |
4.45% |
4.57% |
4.59% | ||||||||||||
|
2016Q2 . . . . |
1.75% |
2.49% |
3.21% |
3.77% |
4.17% |
4.39% |
4.59% |
4.76% |
4.88% |
4.94% |
4.96% | ||||||||||||
|
2016Q3 . . . . |
1.67% |
2.45% |
2.96% |
3.47% |
3.87% |
4.11% |
4.27% |
4.44% |
4.59% |
4.70% |
4.77% | ||||||||||||
|
2016Q4 . . . . |
1.29% |
2.07% |
2.66% |
3.15% |
3.59% |
3.97% |
4.32% |
4.62% |
4.88% |
5.07% |
5.18% | ||||||||||||
|
2017Q1 . . . . |
1.20% |
2.01% |
2.68% |
3.32% |
3.87% |
4.33% |
4.68% |
4.98% |
5.33% |
5.61% |
5.80% | ||||||||||||
|
2017Q2 . . . . |
1.72% |
2.89% |
3.81% |
4.55% |
5.14% |
5.78% |
6.32% |
6.79% |
7.05% |
7.19% |
7.24% | ||||||||||||
|
2017Q3 . . . . |
1.82% |
2.93% |
4.08% |
5.16% |
6.13% |
6.64% |
6.88% |
7.04% |
— |
— |
— | ||||||||||||
|
2017Q4 . . . . |
2.51% |
4.12% |
5.16% |
5.68% |
5.97% |
— |
— |
— |
— |
— |
|||||||||||||
|
2018Q1 |
1.35% |
2.18% |
— |
||||||||||||||||||||
Changes in Board of Directors
The Board of Directors of the Company (the "Board") has approved the appointment of Mr. Kai Deng as a member of the Board and a member of the compensation committee of the Board, effective immediately. Mr. Nanpeng Shen will step down from the Board with immediate effect.
Mr. Kai Deng is an associate with Sequoia Capital China and focuses on financial services and other TMT sector investments. Prior to joining Sequoia in 2015, Mr. Deng served as a consultant and a manager at Ernst & Young from 2007 to 2014. Mr. Deng received his bachelor's degree in Accounting from Peking University and is also a member of the Chinese Institute of Certified Public Accounts.
Conference Call
The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on August 22, 2018 (8:00 PM Beijing/Hong Kong time on August 22, 2018).
Dial-in details for the earnings conference call are as follows:
|
United States (toll free): |
1-888-346-8982 |
|
International: |
1-412-902-4272 |
|
Hong Kong (toll free): |
800-905-945 |
|
Hong Kong: |
852-3018-4992 |
|
China: |
400-120-1203 |
Participants should dial-in at least 5 minutes before the scheduled start time and ask to be connected to the call for "PPDAI Group."
Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.ppdai.com.
A replay of the conference call will be accessible approximately one hour after the conclusion of the live call until August 29, 2018, by dialing the following telephone numbers:
|
United States (toll free): |
1-877-344-7529 |
|
International: |
1-412-317-0088 |
|
Replay Access Code: |
10122845 |
About PPDAI Group Inc.
PPDAI is a leading online consumer finance marketplace in China with strong brand recognition. Launched in 2007, the Company is the first online consumer finance marketplace in China connecting borrowers and investors. As a pioneer in China's online consumer finance marketplace, the Company benefits from both its early-mover advantages and the invaluable data and experience accumulated throughout multiple complete loan lifecycles. The Company's platform, empowered by its proprietary, cutting-edge technologies, features a highly automated loan transaction process, which enables a superior user experience, as evidenced by the rapid growth of the Company's user base and loan origination volume. As of June 30, 2018, the Company had over 78 million cumulative registered users.
For more information, please visit http://ir.ppdai.com.
Use of Non-GAAP Financial Measures
We use Non-GAAP operating income, a Non-GAAP financial measure, in evaluating our operating results and for financial and operational decision-making purposes. We believe that adjusted operating income help identify underlying trends in our business by excluding the impact of share-based compensation expenses and expected discretionary measures. We believe that adjusted operating income provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.
Non-GAAP adjusted operating income is not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. This Non-GAAP financial measure has limitations as analytical tools, and when assessing our operating performance, cash flows or our liquidity, investors should not consider them in isolation, or as a substitute for net (loss)/income, cash flows provided by operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review our financial information in its entirety and not rely on a single financial measure.
For more information on this Non-GAAP financial measure, please see the table captioned "Reconciliations of GAAP and Non-GAAP results" set forth at the end of this press release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.6171 to US$1.00, the rate in effect as of June 29, 2018 as certified for customs purposes by the Federal Reserve Bank of New York.
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company's ability to attract and retain borrowers and investors on its marketplace, its ability to increase volume of loans facilitated through the Company's marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, laws, regulations and governmental policies relating to the online consumer finance industry in China, general economic conditions in China, and the Company's ability to meet the standards necessary to maintain listing of its ADSs on the NYSE, including its ability to cure any non-compliance with the NYSE's continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and PPDAI does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
For investor and media inquiries, please contact:
In China:
PPDAI Group Inc.
Jimmy Tan / Sally Huo
Tel: +86 (21) 8030 3200-8601
E-mail: ir@ppdai.com
The Piacente Group, Inc.
Ross Warner
Tel: +86 (10) 5730-6200
E-mail: paipaidai@tpg-ir.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: paipaidai@tpg-ir.com
|
PPDAI GROUP INC. | ||||
|
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS | ||||
|
(All amounts in thousands, except for share data, or otherwise noted) | ||||
|
As of December 31, |
As of June 30, | |||
|
2017 |
2018 | |||
|
RMB |
RMB |
USD | ||
|
Assets |
||||
|
Cash and cash equivalents |
1,891,131 |
2,485,054 |
375,550 | |
|
Restricted cash |
2,392,573 |
2,361,996 |
356,953 | |
|
Short-term investments |
1,958,910 |
1,440,540 |
217,700 | |
|
Available for sale securities |
3,377 |
4,935 |
746 | |
|
Quality assurance fund receivable |
1,152,769 |
2,043,394 |
308,805 | |
|
Intangible asset |
63,760 |
64,280 |
9,714 | |
|
Property, equipment and software, net |
108,248 |
131,322 |
19,846 | |
|
Loans receivable, net of provision for loan losses |
681,794 |
784,299 |
118,526 | |
|
Investment in equity investees |
8,857 |
12,872 |
1,945 | |
|
Accounts receivable |
17,773 |
473,660 |
71,581 | |
|
Deferred tax assets |
128,361 |
50,406 |
7,617 | |
|
Financial guarantee derivative assets |
- |
52,303 |
7,904 | |
|
Contract asset |
- |
76,013 |
11,487 | |
|
Prepaid expenses and other assets |
145,699 |
146,128 |
22,083 | |
|
Goodwill |
50,411 |
50,411 |
7,618 | |
|
Total assets |
8,603,663 |
10,177,613 |
1,538,075 | |
|
Liabilities and Shareholders' Equity |
||||
|
Payable to platform customers |
1,113,966 |
688,967 |
104,119 | |
|
Quality assurance fund payable |
2,062,844 |
3,248,858 |
490,979 | |
|
Deferred revenue |
265,094 |
- |
- | |
|
Payroll and welfare payable |
156,831 |
113,888 |
17,211 | |
|
Taxes payable |
257,143 |
307,055 |
46,403 | |
|
Provision for payment to investor reserve fund investor |
107,660 |
107,660 |
16,270 | |
|
Short-term borrowing loan |
- |
29,950 |
4,526 | |
|
Funds payable to investors of consolidated trusts |
502,641 |
437,728 |
66,151 | |
|
Contract liability |
- |
154,792 |
23,393 | |
|
Due to related party |
11,972 |
2,023 |
306 | |
|
Deferred tax liabilities |
15,940 |
15,940 |
2,409 | |
|
Accrued expenses and other liabilities |
211,614 |
241,210 |
36,453 | |
|
Financial guarantee derivative liabilities |
215,770 |
- |
- | |
|
Total liabilities |
4,921,475 |
5,348,071 |
808,220 | |
|
Commitments and contingencies |
||||
|
PPDAI Group Inc. Shareholders' deficits |
||||
|
Ordinary shares |
100 |
102 |
15 | |
|
Additional paid-in capital |
5,951,044 |
5,866,091 |
886,505 | |
|
Treasury stock |
- |
(2) |
- | |
|
Statutory reserves |
55,090 |
55,090 |
8,325 | |
|
Accumulated other comprehensive income |
14,917 |
25,372 |
3,834 | |
|
Accumulated deficit |
(2,398,984) |
(1,176,885) |
(177,857) | |
|
Total PPDai Group Inc. shareholders' equity |
3,622,167 |
4,769,768 |
720,822 | |
|
Non-controlling interest |
60,021 |
59,774 |
9,033 | |
|
Total shareholders' equity |
3,682,188 |
4,829,542 |
729,855 | |
|
Total liabilities and shareholders' equity |
8,603,663 |
10,177,613 |
1,538,075 | |
|
PPDAI GROUP INC. | |||||||||
|
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF | |||||||||
|
(All amounts in thousands, except for share data, or otherwise noted) | |||||||||
|
For the Three Months Ended June 30, |
For the Six Months Ended June 30, | ||||||||
|
2017 |
2018 |
2017 |
2018 | ||||||
|
RMB |
RMB USD |
RMB |
RMB |
USD | |||||
|
Operating revenues: |
|||||||||
|
Loan facilitation service fees |
810,792 |
753,260 |
113,835 |
1,316,136 |
1,374,069 |
207,654 | |||
|
Post-facilitation service fees |
156,178 |
205,866 |
31,111 |
241,576 |
433,030 |
65,441 | |||
|
Other Revenue |
97,925 |
88,214 |
13,331 |
175,695 |
157,021 |
23,730 | |||
|
Total operating revenues |
1,064,895 |
1,047,340 |
158,277 |
1,733,407 |
1,964,120 |
296,825 | |||
|
Net interest income and loan |
984 |
12,462 |
1,883 |
1,449 |
39,453 |
5,962 | |||
|
Net revenues |
1,065,879 |
1,059,802 |
160,160 |
1,734,856 |
2,003,573 |
302,787 | |||
|
Operating expenses: |
|||||||||
|
Origination and servicing expenses-related |
(19,617) |
(27,557) |
(4,165) |
(35,554) |
(52,890) |
(7,993) | |||
|
Origination and servicing expenses |
(187,404) |
(207,093) |
(31,297) |
(344,873) |
(428,859) |
(64,811) | |||
|
Sales and marketing expenses |
(187,150) |
(194,309) |
(29,365) |
(324,357) |
(345,372) |
(52,194) | |||
|
General and administrative expenses |
(116,452) |
(161,495) |
(24,406) |
(193,570) |
(307,034) |
(46,400) | |||
|
Total operating expenses |
(510,623) |
(590,454) |
(89,233) |
(898,354) |
(1,134,155) |
(171,398) | |||
|
Other income (expenses) |
|||||||||
|
Gain from quality assurance fund |
47,656 |
151,089 |
22,833 |
146,439 |
210,832 |
31,862 | |||
|
Realized gain (loss) from financial guarantee |
36,078 |
(101,885) |
(15,397) |
99,639 |
(147,107) |
(22,231) | |||
|
Fair value change of financial guarantee |
101,402 |
196,543 |
29,702 |
144,747 |
268,073 |
40,512 | |||
|
Other income, net |
8,109 |
50,748 |
7,669 |
11,578 |
96,776 |
14,625 | |||
|
Profit before income tax expense |
748,501 |
765,843 |
115,734 |
1,238,905 |
1,297,992 |
196,157 | |||
|
Income tax expenses |
(116,701) |
(158,049) |
(23,885) |
(190,305) |
(252,634) |
(38,179) | |||
|
Net profit |
631,800 |
607,794 |
91,849 |
1,048,600 |
1,045,358 |
157,978 | |||
|
Net profit (loss) attributable to non-controlling |
- |
1,235 |
187 |
- |
(247) |
(37) | |||
|
Net profit attributable to PPDai Group Inc. |
631,800 |
606,559 |
91,662 |
1048,600 |
1,045,605 |
158,015 | |||
|
Accretion on Series A convertible redeemable |
(340,016) |
- |
- |
(620,026) |
- |
- | |||
|
Accretion on Series B convertible redeemable |
(219,882) |
- |
- |
(424,146) |
- |
- | |||
|
Accretion on Series C convertible redeemable |
(194,676) |
- |
- |
(412,314) |
- |
- | |||
|
Net profit (loss) attributable to ordinary |
(122,774) |
606,559 |
91,662 |
(407,886) |
1,045,605 |
158,015 | |||
|
Net profit attributable to PPDai Group |
631,800 |
606,559 |
91,662 |
1,048,600 |
1,045,605 |
158,015 | |||
|
Foreign currency translation adjustment, net of |
40,806 |
51,751 |
7,821 |
49,141 |
10,455 |
1,580 | |||
|
Total comprehensive income attributable |
672,606 |
658,310 |
99,483 |
1,097,741 |
1,056,060 |
159,595 | |||
|
Weighted average number of ordinary shares |
|||||||||
|
Basic |
665,000,000 |
1,505,581,042 |
1,505,581,042 |
665,000,000 |
1,504,315,031 |
1,504,315,031 | |||
|
Diluted |
665,000,000 |
1,621,402,274 |
1,621,402,274 |
665,000,000 |
1,612,638,809 |
1,612,638,809 | |||
|
Income (loss) per share -Basic |
(0.1847) |
0.4029 |
0.0609 |
(0.6134) |
0.6951 |
0.1050 | |||
|
Income (loss) per ADS-Basic |
(0.9236) |
2.0144 |
0.3044 |
(3.0668) |
3.4754 |
0.5252 | |||
|
Income (loss) per share -Diluted |
(0.1847) |
0.3741 |
0.0565 |
(0.6134) |
0.6484 |
0.0980 | |||
|
Income (loss) per ADS-Diluted |
(0.9236) |
1.8705 |
0.2827 |
(3.0668) |
3.2419 |
0.4899 | |||
|
PPDAI GROUP INC. | ||||||
|
UNAUDITED Reconciliation of GAAP And Non-GAAP Results | ||||||
|
(All amounts in thousands, except for share data, or otherwise noted) | ||||||
|
For the Three Months Ended June 30, |
For the Six Months Ended June 30, | |||||
|
2017 |
2018 |
2017 |
2018 | |||
|
RMB |
RMB |
USD |
RMB |
RMB |
USD | |
|
Net Revenues |
1,065,879 |
1,059,802 |
160,160 |
1,734,856 |
2,003,573 |
302,787 |
|
Less: total operating expenses |
(510,623) |
(590,454) |
(89,233) |
(898,354) |
(1,134,155) |
(171,398) |
|
Operating Income |
555,256 |
469,348 |
70,927 |
836,502 |
869,418 |
131,389 |
|
Less: Expected discretionary payment to |
- |
- |
- |
- |
- |
- |
|
Add: share-based compensation |
- |
17,765 |
2,685 |
- |
32,443 |
4,903 |
|
Non-GAAP adjusted operating income |
555,256 |
487,113 |
73,612 |
836,502 |
901,861 |
136,292 |
|
PPDAI GROUP INC. | ||||||||||||||||||||
|
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
|
(All amounts in thousands, except share data, or otherwise noted) | ||||||||||||||||||||
|
Three Months Ended June 30 |
Six Months Ended June 30, |
|||||||||||||||||||
|
2017 |
2018 |
2017 |
2018 |
|||||||||||||||||
|
RMB |
RMB |
USD |
RMB |
RMB |
USD |
|||||||||||||||
|
Net cash provided by operating |
775,790 |
152,204 |
23,001 |
1,890,002 |
240,294 |
36,314 |
||||||||||||||
|
Net cash provided by (used in) |
286,690 |
716,167 |
108,230 |
(78,463) |
489,418 |
73,963 |
||||||||||||||
|
Net cash used in financing activities |
(31,250) |
(110,254) |
(16,662) |
(32,000) |
(174,226) |
(26,329) |
||||||||||||||
|
Effect of exchange rate changes on cash |
(148) |
48,988 |
7,403 |
(288) |
7,860 |
1,186 |
||||||||||||||
|
Net increase in cash, cash |
1,031,082 |
807,105 |
121,972 |
1,779,251 |
563,346 |
85,134 |
||||||||||||||
|
Cash, cash equivalent and restricted |
1,955,734 |
4,039,945 |
610,531 |
1,207,565 |
4,283,704 |
647,369 |
||||||||||||||
|
Cash, cash equivalent and restricted |
2,986,816 |
4,847,050 |
732,503 |
2,986,816 |
4,847,050 |
732,503 |
||||||||||||||
SOURCE PPDAI Group Inc.